At a time when inflow of Venture Capital activity has seen a significant slowdown in India, Singapore based early stage Venture Capital firm Jungle Ventures has launched a $10 million pan-Asian super angel fun with larger focus on the country.
The firm has raised money from leading angel investors, entrepreneur and tech executives.
VC investment in India, one of the largest Asian markets during the first 9 months of 2012 was at $ 596 mn across 157 deals, down by 22 % compared to $ 768 million in the same period last year.
The fund aims to invest in early stage businesses across industries such as Consumer Internet, SaaS, content/media, etc in India, Singapore and other regional hotbeds of tech innovation in Asia, the VC firm said in a statement.
Over the past few years Jungle Venture has been investing in 4-5 startup every year, however, the super angel fund will steadily increase its investment activity in 2013.
In India, Jungle Venture had invested in Mumbai based grocery and daily need online store- Ekstop including $ 1.7 million in Mobikon, a cross-border Singapore-India start-up Mobikon. Mobikon is a cloud based digital marketing and customer engagement platforms for hospitality and retail industry.
Jungle Ventures has partnered with a number of other VCs and early stage investors, including Dave McClure’s 500 Startups and Accel India. 500Startup had co-invested with Jungle Ventures in Singapore based DocDoc, an online healthcare startup. Although McClure himself hasn’t put money into the fund but he has lent his support.